6 April, 2009
A healthcare technology company spun out of Manchester University has been bought by a US medical firm.
Greater Manchester-based Photo Therapeutics has been bought by Pennsylvania-based PhotoMedex for £14.2million.
Photo Therapeutics develops specialist non-laser light devices to treat patients with serious skin conditions, including melanomas and psoriasis.
The technology, which uses light emitting diodes (LEDs), was patented by Colin Whitehurst, a researcher at Manchester University’s Paterson Institute for Cancer Research.
The company was developed by UMIP, the University of Manchester Intellectual Property commercialisation company.
Photo Therapeutics chief executive, Sue D’Arcy, said: "The acquisition gives us the opportunity to utilise the direct sales force that Photo Medex has in the States and move to the next level with our technology."
Clive Rowland, chief executive of UMIP, said: "Both companies are at the leading edge of new technological developments in extremely important therapeutic areas such as cancer and dermatology. Their international recognition is a great success for Manchester University and for the world-leading cancer research and care organisations in Manchester like the Paterson Institute and The Christie."
Source: Invest in England's Northwest